Uxin takes measures in response to evolving situation associated with COVID-19

Uxin Limited (“Uxin”), a leading online used car dealer in China, outlined the active measures it has taken to adapt its business and ensure business continuity in response to the evolving situation associated with the outbreak of COVID-19 in China.

Following the outbreak, Uxin has been carefully monitoring the situation and thoroughly analyzing the impact it will have on industry in order to adapt its business and ensure business continuity and long-term growth prospects.

Uxin has implemented a series of measures to ensure the safety and health of its staff and business, including enacting a temporary work-load based staffing program company-wide and allowing staff to work remotely, securing its cashflow and financial position, and upgrading its purely online products and services to gradually begin growing transaction volumes again.

The measures are widely understood and supported by staff and have already brought operating expenses under careful control.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented,“We continue to closely monitor the outbreak and evaluate its impact on our business. Regardless of the current situation which we believe will be temporary, the used car market in China continues to present enormous growth opportunities.”

The used car sector in China has been severely affected by the outbreak of COVID-19 with disruptions impacting industry infrastructure and several key points along the supply chain. Despite the impact, the used car industry is gradually recovering though it will take some time before operations return to normal.